The data released by the UK Office for National Statistics (ONS) showed the cost of living as represented by the consumer price index (CPI) in January ticked higher in annualized terms. The headline figure ticked higher to 0.3% y/y from December figure of 0.2%. On monthly basis, the CPI dropped 0.8%, beating the estimate drop of 0.7%. The annualized core CPI missed estimates to print at 1.2% from Dec’s print of 1.4%. The detail of the report reveal, “Food and alcohol prices pushed up the headline number. Food prices contributed 0.03 percentage points to the 0.1 percentage point rise in 12-month CPI, and alcohol and tobacco 0.04 points.” For more information, read our latest forex news.